Toronto - November 5, 1997 -- Agnico-Eagle Mines Limited reports that Wencel Hubacheck, age 74, advised the board of directors yesterday that, for personal reasons, he will resign as President and Chief Executive Officer of the Company. Mr. Hubacheck has agreed to remain in office until his successor is appointed. Mr. Hubacheck will remain on the board of directors in order that the Company will continue to benefit from his extensive knowledge of the Company and the industry.

Agnico-Eagle Mines Limited is an established Canadian gold producer with operations located principally in northwestern Quebec and exploration and development activities in Quebec and Ontario. Consistently one of the industry's lowest-cost producers, Agnico's operating history includes 23 years of continuous gold production primarily from underground mining operations. Current proven and probable gold reserves stand at 1.0 million contained ounces, with an additional 3.5 million ounces in the mineral resource category at its LaRonde Mine. Agnico-Eagle is currently focused on the expansion and large scale exploration program of its LaRonde Mine which is expected to result in increased gold production and expanded gold reserves.